General rule for hybrid schemes
4
1
The hybrid schemes specified by this rule—
a
are schemes under which the benefits to be paid to or in respect of members include both defined benefits and money purchase benefits, but
b
do not include any scheme falling within a description specified in any of rules 5 to 7.
2
In the application of section 24(1) to a relevant scheme, treat the provisions of the scheme relating to defined benefits and the provisions of the scheme relating to money purchase benefits as if they provided for benefits under separate schemes and—
a
in respect of the money purchase benefits provisions, apply the paragraph (a) quality requirements;
b
in respect of the defined benefits provisions, apply the paragraph (b) quality requirements.
3
For the purposes of paragraph (2), if either the paragraph (a) quality requirements or the paragraph (b) quality requirements are satisfied, it is irrelevant whether the other paragraph's requirements are satisfied.
Rule 4(1)(b) substituted (1.10.2016) by The Hybrid Schemes Quality Requirements (Amendment) Rules (Northern Ireland) 2016 (S.R. 2016/315), rules 1, 2(5)